BOCA RATON, Fla.--(BUSINESS WIRE)--New World Gold Corporation (OTC: NWGC), a gold mining and milling company with existing operations in Ecuador and Peru, wishes to announce that during exploitation and development of one of its gold concessions, it discovered a rare earth deposit. Independent analysis results indicate that the rare earth mineral discovered is Antimony. Preliminary testing results indicate that there is significant economic reserves present on the concession.
Since discovery of the antimony deposit, the Company has had significant interest in the deposit. The Company is negotiating with several companies including a Chinese group to option and then develop the deposit. The British Geological Survey reported in 2005, The Peoples Republic of China was the top producer of antimony with approximately 84% of the worlds share followed at a distance by South Africa and Boliva. Roskill Consulting estimates that primary production of Antimony shows that in 2010, China held 76.75% of the worlds supply of antimony followed by Russia with 4.14%. Antimony was identified as one of 12 critical raw materials for the EU in a report published in 2011, primarily due to this lack of supply outside China.
Processed antimony is used as an alloy to strengthen tin and steel. Antimony compounds contain fire retardants found in many commercial and domestic products like stoves and refrigerators. There is an emerging application for the use of antimony in microelectronics.
New World Gold Corporation trades in the United States on the OTC Pink under the symbol “NWGC”. For further information, please contact the Company at (561) 210 8496 or www.newworldgoldcorp.com. or investors can find real time quotes and market information for the Company on www.otcmarkets.com.
NOTE: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand,market competition and New World Gold's ability to meet current and future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. New World Gold is not obligated to publicly release revisions to any forward-looking statement, to reflect events or circumstances afterward, or to disclose unanticipated occurrences except as required under applicable law.